The company offers the fixed-rate loan to borrowers in rural communities
American Financial Resources has announced that it now offers USDA renovation loans, which finance home purchases and provide buyers the opportunity to make needed repairs.
The program enables eligible buyers in rural communities to combine their home loan with renovation costs in a single closing with a fixed interest rate.
"USDA renovation allows borrowers the flexibility to purchase a home they love, even if it needs some renovations to fit their family's needs," said Bill Packer, executive vice president and chief operations officer of AFR. "And they may be able to finance up to 100% based upon the 'as-improved' value, and even include the guarantee fee, better enabling hard-working citizens to improve the housing stock in the communities where they live and work."
To qualify, the home must be a one-unit primary residence that is located within a USDA-designated territory.
"We've seen tremendous success in small and mid-sized communities with our various renovation and down payment assistance programs, and expect the addition of the USDA renovation program to be another way AFR is able to support these communities," Packer said. "And our brokers, correspondents, community banks and credit union business partners who specialize in these areas always striving to help them bring more families home."